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This has led to mounting speculation that the subordinated debt-holders could lose out on any future payments in the event of financial restructuring of Towergate, while senior debt holders could be offered shares in the broker in exchange for a proportion of the debt they hold.

Towergate deputy chairman Peter Cullum is understood to be organising a takeover bid with Andy Homer for the company he founded in 1997 and the pair have hired Fenchurch Advisory Partners to help them with the management buyout.